Gaming company PhilWeb Corp. said Tuesday net income surged by 567percent in the first quarter to P7.2 million from a net loss of P1.5 million in the same period last year, boosted by higher revenues.
PhilWeb said in a disclosure to the stock exchange first-quarter revenues climbed 8.4 percent in the first quarter to P136.9 million from P127.2 million a year earlier.
It said the improvement in revenues was mainly due to higher number of operating sites and the impact of the acquisition of two e-Bingo machine suppliers and 16 e-Bingo sites. Costs and expenses also decreased by 1.5 percent to P121.6 million.
“These remarkable results were brought about by the revenue contribution of 19 additional eGames sites that converted back to PhilWeb’s Electronic Gaming System, as well as the acquisition of 16 eBingo venues and 2 accredited eBingo machine providers,” PhilWeb said.
“These developments, in addition to the increase in the activities of the eGames and eBingo outlets to pre-quarantine levels, allowed PhilWeb to sustain its positive EBITDA and net income for the second consecutive quarter, beginning in the fourth quarter of 2020,” it said.
